StopStickingItToUs Coalition Backed by 120,000 Canadian Companies

The StopStickingItToUs Coalition is a group of Canadian associations, led by Retail Council of Canada and backed by over 120,000 businesses from coast-to-coast, that is standing up to the Big Credit Card Companies to put a stop to skyrocketing fees. Join the fight and take action by writing your MP and sounding the alarm about these fees.

The coalition will also be actively involved in the proposed re-structuring of Interac. Interac, Canada’s efficient and cost-effectve debit system has applied to the Competition Bureau to re-structure and join the Big Credit Card companies in charging higher fees. Coalition members intend to act as interveners in the process and fight to keep Interac from moving ahead with this change as it will be detrimental to merchants and all Canadians.

Do you know what you pay to Big Credit Card companies in hidden fees everytime you shop?

Canadian consumers paid over $4.5 billion in hidden credit card fees last year alone – fees we all pay at the checkout to cover the cost of lavish incentive programs and corporate credit card benefits, even if you don’t have one!

Now these companies want to raise these skyrocketing hidden fees. With their plan, you pay more, your local retailer pays more and the only ones getting rich are the Big Credit Card companies. If they get their way, seniors, students and low-income Canadians will spend even more subsidizing corporate airfare points and luxury discounts every time they shop.

Retailers are at the heart of every Canadian community. There are over 227,000 retail stores in Canada – roughly 1 in 10 businesses is a retail establishment – an 95% of all retail stores in Canada are small or independent. They provide jobs for over 2.1 million Canadians and support local charities, sporting and cultural events from coast to coast.

Local retailers and businesses are taking action to stand up for consumers and put an end to these skyrocketing hidden fees.

Re: Retail council is wrong, Sept. 29.Letter-writer Tony Maraschiello of MasterCard Canada suggests a disinformation campaign by retailers, but he doesn’t dispute that Visa and MasterCard control 80 per cent of the market in Canada and they are unregulated. These foreign-owned credit card companies collected more than $4.5 billion in interchange fees from Canadians last year.

Tony Maraschiello of MasterCard Canada accuses retailers of a “cash grab” simply because we are asking for some control of the credit card companies’ “cash cow.”He suggests a disinformation campaign by retailers, but he doesn’t dispute the facts: Visa and MasterCard control 80 per cent of the market in Canada and they are unregulated.

These foreign-owned credit card companies collected over $4.5 billion in interchange fees from Canadians last year.

EuroCommerce has today strongly warned against increases in payment Card Schemes fees being introduced from 1 October 2008. From this date, card scheme MasterCard intends to significantly increase its Card Schemes fees to merchant acquirers (and therefore ultimately on to the merchant) for both MasterCard credit and Maestro debit cards across Europe. In some markets, MasterCard have indicated that the domestic card scheme fee will increase by up to 161%.

The U.S. House of Representatives on Tuesday passed the Credit Cardholders’ Bill of Rights Act (H.R. 5244), legislation to rein in unfair and deceptive credit-card company practices, on a vote of 312 to 112, said the Merchants Payments Coalition (MPC), a group of retailers, including convenience stores and gas stations, fighting against unfair credit-card fees.

A shop-owner forwarded an e-mail from the Retail Council of Canada the other day. It appears the council, which represents 40,000 storefronts across Canada, is attempting to organize opposition to ongoing increases in credit card fees, the “interchange fees” card companies charge retailers for the right to conduct business though Visa, MasterCard, American Express or any of the other major credit cards.

The Retail Council of Canada wants to make hidden credit card fees an election issue. The group, which represents more than 40,000 storefronts across the country and calls itself ‘the voice of retail in Canada,’ is targeting interchange fees, what card companies charge retailers for their service.

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WayTooHigh.com: The Credit Card Interchange Report, is edited by Mitch Goldstone, co-founder of California-based ScanMyPhotos.com, the international online photo preservation service.
Goldstone and co-owner, Carl Berman are also the lead plaintiffs and class representatives in a antitrust class-action litigation against Visa, MasterCard and major banks that was filed in 2005.
This informational web site was created to provide news and commentary updates only. None of the information posted on WayTooHigh.com is intended to constitute legal arguments; it reflects only the opinions of its co-editors and not of any other plaintiffs or other parties involved in the merchant antitrust litigation. The information is not guaranteed to be correct, complete, or current. We make no warranty, express or implied, about the accuracy or reliability of the information posted by WayTooHigh.com or at any other Web site to which this site is linked. (c) 2010